Following an announcement from the largest Pepsi bottler, Pepsi Bottling Group (PBG), that it was trimming its volume forecast for the year, the food and beverage group, PepsiCo, said third-quarter volume growth is on target at its North American beverage business.

PepsiCo said it expects third quarter volumes to increase by 4% to 5% for the current third quarter. The group said the total volume growth of its North American beverages operation differs from its bottlers partly because of timing differences in the quarterly reporting period and because PepsiCo's results include the volumes sold outside of its bottling system.

PBG reduced its full-year volume growth outlook, saying cold drink volumes have been soft in the US and its international results have been hampered by weak volumes in Spain. The bottler said its expects volumes to be 2% up for the full year on a worldwide and US basis; it had originally been forecasting 3% growth.